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Thread: Any advice?

  1. Formerly BooBoo_Bear
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    #1

    Help Any advice?

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    I think I want to try to buy a house, and I have no clue if I'll be able to get a loan. Has anybody with not really good credit, and not much of a down payment bought a house before? Who did you get your loan through? What kind of loan/interest rates did you get? I'm waiting for someone to contact me from my credit union, but I don't know if I should contact my bank and other big mortgage providers or not.

    I'm currently living in a 3 bedroom, 2 bath apartment that I originally leased with a roommate. She moved back to Ohio a year ago, and I've been staying here, paying $915 in rent a month. It's beautiful, but it's such a waste of money!

    I found a 3 bedroom, 2 bath house with a big fenced in backyard that is located in my son's school zone (YAY!!!). It's listed at 129,000 and the seller is motivated to sell... They already relocated for work. The only con about the house that I can see so far is that there is no garage. I think I'd want to build one because I don't like that people can easily tell if I'm home or not by looking at my driveway.

    A year and a half ago I had my last credit report, and it wasn't as bad as I expected. It was nearing 600 (I allowed/helped my son's dad to destroy my credit when I was 19-20). I'm hoping that by now, I'm over 600. I don't have much money saved for a down payment... just a few thousand. But I *THINK* my parents would probably give me another couple thousand to help me get a house, but probably would not want to cosign at all. They know how badly my son and I want a house with a yard, and they also see what a waste it is for me to stay in my apartment (there aren't many rentals in my son's school zone, and I really don't want to make him switch schools again).

    I'm hoping that a loan officer will realize that if I can meet my 915 rent, that I could obviously meet a mortgage too. And from estimates on loans, my monthly payment would be significantly less. I'm so nervous about it, because I'm going to feel like such a failure if no one will give me a loan. I want to make sure I go about everything right!



    (Sorry I jumped around a lot, this really has me freaking out )
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    #2
    My advice is to go into your bank and ask what your banker thinks.

    You could probably get the house for a bit cheaper than its listed, especially since they want to sell right away.

    Its great that you can pay $900+ a month for an apartment, unfortunately thats not reported to the credit bureau so they really have no clue you are paying it unless you pay on a credit card every month.

    Good luck! I'm sure a banker can help you a lot more than I can!
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  3. Formerly BooBoo_Bear
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    Well, my credit union has a thing that appoints you a realtor and preapproves you for a loan. Then you get 25% of the realtors commission back to help with closing costs. So I did that today after speaking to one of the loan officers. So now I'm waiting to see if I have ok enough credit (she said for FHA you need a 640 mortgage credit score which is different from a consumer credit score).

    On the application, it asks how much you spend now on rent, so hopefully they do look at that too.

    I'm so freaking nervous!
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    #4
    No advice. Just

    Good luck!
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    #5
    , I hope you are able to get the house
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  6. Formerly BooBoo_Bear
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    #6
    Thanks guys. You know if I get it, there will be a thread of dancing bananas and what not
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    #7
    unfortunately you will not get approved for a loan-

    you will need a credit score of at least 720 to qualify for a loan -
    it is virtually impossible to purchase with 100% financing- for this you need at least an 780-820 ( almost perfect credit) and this is taking 2 loans to equal 100%.

    to qualify for even a HUD home ( which is not the home you like) you need 4% of the sales price .
    fannie may/freddie mac loans require at least 3.5% down.
    and if for some wild luck of the draw you do qualify and have the down payment
    for a house valued at 115,000 ( giving that they may go down) your mortgage insurance and PMI and taxes will be about 900 a month, this is not adding in the costs of things you do not pay for in the Apt, water, sewage and trash, the lawn care, landscaping, pest control inside and out ,maintanance and repairs on the house, plus all you normal monthly bills.
    also when buying- you have to look at the costs of getting the home-
    earnest money- this is a holding deposit- also called a good faith deposit- generally ranges from 500-1,000 dollars when you make your first offer.
    then the cost of the home inpection- this can run 250-500 dollars, if you have a well this inspection is 175 -225 dollars.
    it is a buyers market- so alot of sellers will pay closing costs- but you will have other charges- that you have to pay when you close- these are called pre-paids- these are pre payments for the insurance and taxes. usually they want 3-12 months in advance depending on the time of yr.
    all in all you should have about 10,000 dollars to buy a home in this market
  8. Formerly BooBoo_Bear
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    #8
    Quote Originally Posted by gunsgirl View Post
    unfortunately you will not get approved for a loan-

    you will need a credit score of at least 720 to qualify for a loan -
    it is virtually impossible to purchase with 100% financing- for this you need at least an 780-820 ( almost perfect credit) and this is taking 2 loans to equal 100%.

    to qualify for even a HUD home ( which is not the home you like) you need 4% of the sales price .
    fannie may/freddie mac loans require at least 3.5% down.
    and if for some wild luck of the draw you do qualify and have the down payment
    for a house valued at 115,000 ( giving that they may go down) your mortgage insurance and PMI and taxes will be about 900 a month, this is not adding in the costs of things you do not pay for in the Apt, water, sewage and trash, the lawn care, landscaping, pest control inside and out ,maintanance and repairs on the house, plus all you normal monthly bills.
    also when buying- you have to look at the costs of getting the home-
    earnest money- this is a holding deposit- also called a good faith deposit- generally ranges from 500-1,000 dollars when you make your first offer.
    then the cost of the home inpection- this can run 250-500 dollars, if you have a well this inspection is 175 -225 dollars.
    it is a buyers market- so alot of sellers will pay closing costs- but you will have other charges- that you have to pay when you close- these are called pre-paids- these are pre payments for the insurance and taxes. usually they want 3-12 months in advance depending on the time of yr.
    all in all you should have about 10,000 dollars to buy a home in this market
    I was told by the loan officer that I need a 640 for a loan. And 3.5% down, which, I pretty much have (depending on what the sale price ends up being). And my parents will probably help me with whatever costs I can't do on my own to get the house, because they want to see me stop wasting money on my rental. I pay water and pest control at my apartment. And I won't pay for lawncare... I'll do that myself. I also pay renters insurance now, which I know isn't near homeowners insurance, but it is another expense that works into my monthly budget for now. So I figure if I can handle a 915 lease + everything I pay for, I can handle a house up to that cost too. That's something I'll figure out once I hear from the loan officer about the loan. It will suck dumping my savings into the house, but I'm also in the works of reworking my student loans so I won't be paying over 500 a month in them anymore. I've never heard of needing the good faith deposit, and I always thought that the seller was the one who paid for the inspection usually, but that is definitely good to know.
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    #9
    In addition, you need to figure that your actual monthly cost for the mortgage will be your mortgage, home owner insurance, PMI (bank's insurance, sometimes as much as 100 a month) property taxes, water, sewage, and basic utilities. This does not include cable or internet which will run you another 40-100 a month, your cell phone, (35 - $150 depending on plan), general maintainance costs including lawn care.
    Then in building the garage, you are going to have permit fees, filing fees, etc. Expect the garage to cost you $1000+ for a car port, to 5-10,000 for an actual garage, etc etc.

    Hopefully you get approved, but make sure you sit down with the banker to figure out EXACTLY how much your monthly "nut" is going to cost.
    Figure generally, the cost of the mortgage plus 25-40 percent.
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  10. Formerly BooBoo_Bear
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    #10
    Quote Originally Posted by Guynavywife View Post
    In addition, you need to figure that your actual monthly cost for the mortgage will be your mortgage, home owner insurance, PMI (bank's insurance, sometimes as much as 100 a month) property taxes, water, sewage, and basic utilities. This does not include cable or internet which will run you another 40-100 a month, your cell phone, (35 - $150 depending on plan), general maintainance costs including lawn care.
    Then in building the garage, you are going to have permit fees, filing fees, etc. Expect the garage to cost you $1000+ for a car port, to 5-10,000 for an actual garage, etc etc.

    Hopefully you get approved, but make sure you sit down with the banker to figure out EXACTLY how much your monthly "nut" is going to cost.
    Figure generally, the cost of the mortgage plus 25-40 percent.
    Yeah I thought of that all already Which is why I'm still not 100% sure I can do this and be comfortable with it. But I won't know till I try.

    I did look up how much garages cost, and for a single, they said to expect about 8000. I don't know if that includes the door itself or not, cuz I know those can vary in price depending on the style. So I figure 8-10000 for a garage. Not so sure about that. But I figure, having a realtor, he/she will be able to look at all the school's in my son's school zone and help me make sure this really is the house I want. For all I know, there could be one down the street with a garage and every thing else be the same It stresses me just to think of that!
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